Equity Release Regulation
The Financial Services Authority
SYH Charterhouse is proud to be authorised and regulated by the Financial Services Authority (FSA), and our team are fully qualified to advise on Equity Release plans.
The FSA is the regulatory body that oversees much of the financial industry within the UK. All genuine Equity Release is regulated by the FSA, who aim to make the Equity Release process completely transparent by creating a market that is fair to consumers, with a particular emphasis on keeping all information and correspondence clear, easy to understand, and not misleading in any way.
Key benefits for consumers:
- Consumers get clear, concise and consistent information about a firm’s services and products on offer (including appropriate risk warnings) so they can make informed choices
- Where consumers have received advice, they should only be sold suitable products which take account of their circumstances and needs
- If things go wrong, consumers are able to obtain redress, if appropriate.
The Safe Homes Income Plan (SHIP)
In addition to the financial safety you receive through FSA regulated Equity Release, SYH Charterhouse offer plans that are endorsed by the trade body SHIP.
SHIP approved plans:
- Offer a “No Negative Equity Guarantee”, meaning customers will never owe more than the value of their home
- Allow customers to remain in their property for the rest of their life, or until their relocation to long-term care
- Give customers the right to move to another suitable property if they wish (dependent on specific plans)
- Ensure customers have the right to an independent solicitor of their own choosing.
Your financial security is important to SYH Charterhouse. We have taken steps to ensure that you will only receive safe, secure Equity Release advice and plans, meaning that if you decide to proceed with Equity Release, you can do so with the peace of mind that you are fully informed about all of the facts and implications of your decision.
To check whether or not a firm is authorised, you can visit the FSA Register.
For more essential points to consider, please visit Considerations.
Equity Release may involve a Lifetime Mortgage or a Home Reversion plan. To understand the features and risks, please ask for a Personal Illustration.